"Aion now becomes the largest external investor in the company. The investment will enable VBL to further accelerate its growth plans," said Ravi K Jaipuria, chairman of Varun Beverages (VBL), South Asia’s largest bottlers for PepsiCo.

Aion’s primary investment of Rs 300 crore is in the form of non-convertible debentures. VBL will use the proceeds to refinance its existing debt.